Tuesday, October 14, 2014

Today in the Sobel Timeline: October 14

On October 14, 1835, Barings Bank in London was forced into bankruptcy after becoming overextended in India, the Near East, and France. With the fall of Barings, several other major banks became insolvent, leading to a panic on Lombard Street. In the end, a dozen private and public banks were forced to shut down, and only prompt action by the Bank of England prevented a total financial collapse in Great Britain. The panic also caused the government of Lord Thomas Tillotson to fall.

No comments: